Many women worry about ending up broke and penniless in their senior years. This fear is what is known as the bag lady syndrome; it often stems from lack of confidence in your relationship to money.
The interesting thing is that almost half of women surveyed said they often fear running out of money and being homeless in retirement, and fifty-seven percent said it keeps them up at night, according to an Allianz Women Money & Power study.
This is NOT financially empowering for women!
What’s interesting is that this bag lady fear afflicts high income earners, too (those earning $200,000+), not just low income earners.
The bag lady syndrome ranges from women who have a lot of money to women who have a highly emotional relationship with money. The best way to overcome this nagging fear is to build up confidence by exploring your money mindset.
What’s the most effective way to explore your money mindset?
Set aside some quiet time to really ponder and explore your thoughts, fears, beliefs and emotions around money. Start by journaling your response to these questions:
❤What is the purpose for having money and adequate wealth in your life?
❤What is your biggest fear regarding your future financial security?
❤Where do you believe these financial fears came from?
❤At what age did you start to worry about your financial future?
Remember, the best to way to overcome your bag lady fears is confidence in your relationship to money.
Whenever fears about your future financial security start to dominate your thoughts, pull out your journal and ask yourself what triggered those thoughts? Then ask: What’s one action I can take today to increase my financial literacy?
Financial fear comes from ‘not knowing.’ So, make a plan to increase your financial literacy by reading books about women, money and retirement; subscribing to financial podcasts; and taking classes on how to manage your money.
Here’s to kicking those bag lady fears in the face!
P.S. Let me know how I can help. Would you like to set up a time to discuss your questions about creating your own future financial security? Go ahead a submit your request HERE.